The payment services company PayPal has ceased operations in Russia, according to Reuters. The reasons for this, according to the company, are the current circumstances. PayPal has joined other financial institutions in technology companies that have ceased operations on Russian territory. This is due to Russia’s invasion of Ukraine.
PayPal President Dan Shulman said the company is shutting down in Russia due to current circumstances. “We stand behind the international community and condemn the Russian attack on Ukraine,” he added.
A spokesman said that PayPal would support withdrawals for some period of time, making sure the account balance was distributed in accordance with applicable laws and regulations.
On Wednesday, the company stopped accepting new customers from Russia. Ukraine has called on the company to leave Russia.
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PayPal reported that since the beginning of the invasion, more than 150 million of charity have been raised to help Ukraine.